Bitcoin
Hashrate refers to the total computing power used to mine and process transactions on the Proof of Work Blockchain, a proxy for competition and mining difficulties in the industry. Measured in echhash per second (eh/s).
The increased profitability came as extreme summer heat across the US increased energy prices and inefficient miners promoted operations.
So far, Bitcoin has skyrocketed above $123,000 in July, setting a new all-time high with increasingly favourable crypto regulations and weakening of the US dollar following tariff-related comments from President Donald Trump. The macro and regulatory background has strengthened investor interest and provided new tailwinds for mining companies, the report said.
Despite the increased profitability, North American public miners have seen bitcoin production decline for more than a month, analysts Jonathan Petersen and Jan Eigle write.
In June they mined a total of 3,382 BTC, down from 3,754 in May. They accounted for 25.1% of the global network and 26.3% of the previous month, the report said.
Mara (Mara) led the output in 713 BTC mining, followed by 685 tokens of CleanSpark.
Mara also maintained its lead at an energetic hashrate, posting 57.4 EH/s at the end of June, a slight decline from 58.3 EH/s in May. CLSK held its second-highest hashrate at 45.3 EH/S, the bank said.
Bitcoin mining economics improved last month. The hypothetical 1 EH/s mining fleet would have generated revenues of around $57,000 in June from $54,000 in May, the report added.
read more: Bitcoin Network Hash Rates fell in June as miners responded to the recent heat wave: JPMorgan